Residents of Las Vegas can rejoice at news that their property values are on the way back up. More than 37,000 homeowners are out of the red in the third quarter as we found out from Zillow.com.
Homeowners with negative equity fell to 59% from 63% in the previous financial quarter. There were over 197,000 homes where owners owed more than their property was worth in the Las Vegas area. This equaled around $19 billion in the hole. Negative equity rates should fall lower than 57% in the next quarter of the year, allowing over 8,000 homeowners to be above on their mortgages. This is a big relief for PropertyValue.us.org workers and real estate owners alike.
Nearly 1/4 of all Vegas homeowners have 20% or less negative equity which is better than the rest of the country. Home values are on the increase and less and less homeowners are underwater on their mortgages or aren’t as far down as they used to be. The national rate for 90 day late mortgage payments is 8.9% where Las Vegas is 14.5%, an unusual high for the market seems to be going in the area. Nationally, homeowners with negative equity fell 28%, compared to 31% in 2012.
Our property value website can help you figure out your home’s value so you don’t end up underwater like many Americans and Vegas residents. Through our complete property reports we can show you what your house is worth according to the market in your geographical area. We’ve already helped thousands of homeowners sell their homes.
PropertyValue.us.org hopes to see a decrease in the negative equity rate across the country so homeowners can stay above water on the bills. We don’t want to see anyone struggle and we’re here to help with our cheap yet complete reports. Visit us today to see how much your house is worth or view listing values in your area.